New research has indicated that Australia is the most expensive city in the world in which to study.
The research, which was published by HSBC, indicated that high tuition fees coupled with the cost of living down under make Australia the world’s most expensive destination for international students. According to the bank’s findings, students who wish to complete a university education in Australia will need to pay an average of $38,000 USD a year.
Second on the list of the most expensive cities in which to study was the US, with estimated costs of $35,000 USD per year; followed by the United Kingdom, at 30,000. However, according to the report, the high costs of studying within the US and Britain have not put students off, with over one third of international students studying in these locations.
The report revealed that it was the cost of living that made Australia so expensive for students. While the tuition fees in the country are similar to those in the US, the average cost of living in Australia is around $13,140 versus $10,479 in the United States.
The cheapest destinations in the world in which to study were named as Germany, Spain and Taiwan, with the estimated annual costs of receiving education at universities in these countries being around $6285, $7006 and $8257 respectively.
Discussing the research results, Malik Sarwar, HSBC’s Global Head of Wealth Development said: “With rising affluence, particularly in developing markets, and an increasingly competitive workplace that demands quality skills and a global outlook, we expect appetite for international education to continue to grow. Even though the market for higher education remains segmented and therefore mispriced at an international level, the cost is going up everywhere as government subsidies are rolled back.
“Those who wish to educate their children overseas have to factor in tuition fees, living costs, exchange rates and inflation. There is a need for parents to ensure their children’s education forms an important part of their financial planning.”
If you’re considering studying overseas and would benefit from a helping hand choosing the destination that is right for your needs, check out our expat guides to cities throughout the world. They contain everything you need to know about popular destinations, including comprehensive insights and advice on education visas, the cost of living and studying and education.
Read the full article: http://www.hsbc.com/news-and-insight/2013/study-costs-most-in-australia
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